Bitcoin-backed stablecoin developer Hermetica raises $1.7 million in seed funding

Quick Take

  • UTXO Management led the round, with additional support from CMS Holdings, Ethos Fund and others.
  • Hermetica develops the yield-bearing synthetic dollar USDh, which is issued on the Bitcoin network.

The Bitcoin-backed stablecoin developer Hermetica raised $1.7 million in seed funding.

UTXO Management led the round, which had further support from CMS Holdings, Ethos Fund, Trust Machines SPV, Newman Capital, Silvermine and numerous angel investors, according to a release shared with The Block.

Hermetica develops the yield-bearing synthetic dollar USDh, which is issued on the Bitcoin network. The firm intends to use the funding to bolster the USDh ecosystem such as through custodial partnerships and enhanced liquidity.

"The seed funding will allow us to further our mission of making a dollar asset and dollar savings instrument available to users in emerging markets," Hermetica Founder and CEO Jakob Schillinger told The Block. "We plan on using the funds to expand to additional Bitcoin L2s such as Arch Network and Bitlayer in the coming months."


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About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.

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